Dar's journal

Dar's journal

I have been noting all kinds of potential deals in my area for a few weeks now, researching them for the owner, tax and title info - I finally decided to just do it.

I contacted one of the owners of a house that was about to be auctioned. I found out that they have both a first and a second that are more than 220% of CMV. I asked some questions (thank you for your assistance Rina) and decided that there wasn't enough to gain or enough time for this situation to spend anymore time on it.

I received a MLS notification on an amazing house that is an REO. When I asked my agent for more info she explained what an REO was (duh) and pronounced that I would need to be "prequalified" in order to submit an offer for it. My credit right now will probably prohibit me from being able to secure a loan. It's not bad, but we are in the process of trying to do a loan mod on our home or something, because we are so upside down and would like to keep it if we can work something out to reduce the payment - at least until we can get some income flowing. I had explained that I would be looking for properties to assign to other investors for now, rather than purchasing for my own income properties. I am looking for a new RE agent - I am definitely not impressed with her lack of interest in my new endeavor.

I also received a forwarded MLS notification on another amazing deal of a SFH that was more than my friend could take on right now. It is an area that I wasn't specifically interested in, but my friend is very comfortable there and we are going to form some type of partnership and work these types of deals together. She has strengths that I don't have and visa versa.

I have found a few other houses that appear to be empty and I will be contacting the owners to see if they are interested in selling. Some of the owners are listed as out of the area and some are still listed at the address that appears to be empty.

I contacted one local investor that I found on CL, she is also a mortgage broker, but she is interested more in multiple units. I am still looking for lenders/investors to assign or refer these deals with.

In His strength and time -

Dar

__________________

In His strength and time -

d Eye-wink

I have strength for all things in Christ Who empowers ME [I am ready for anything and equal to anything through Him Who infuses inner strength into ME; I am self-sufficient in Christ's sufficiency]. Phil 4:13 AMP


Daria,

I just wanted to stop by and read your journal. Just wondering how things have been going the pat few weeks. I hope things are moving in the right direction for you. Looking forward to reading about your progress and future deals! Believe and Achieve! Smiling - Joe

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Finally did it - 1st offer, now I am having a heart attack - lol

(posted in short sale thread also)

short sale panic - help pls!! lots of qqqs, must calm down lol OK I did it - my FIRST OFFER and it is a short sale !!! I have been reading and rereading for months and afraid to do anything and finally did it ....

I have a friend who has a condo that is in foreclosure. She would like to keep her house, tried to do the loan mod but was denied - not sure why actually - but she was. I had told her months ago that if it got down to it that I might be able to find some people to invest with me (I am using my IRA money to purchase this RE, but only have 35% of the current offer that I made) to buy it at short sale and then lease option it back to her - to re-purchase when she is able to qualify to purchase it herself.

So I did some look ups on the Totalview site and got the third party authorization form and contacted the lender. I made a verbal offer on the prop!!! They initiated the short sale process and they have actually assigned it to a negotiator already and are just waiting for me to submit the package.
**I am glad that I reread all this because they told me to send in the papers as I got them - but I will wait and send the packet in together - complete.

Now I am freaking out because I think I bid too high. The current info on the Totalview site has recent sales AT what I offered. Sadly - the market continues to collapse .
**Is there any way to go back and update my offer with a lower one? Would I justify it with the lower info available and the paint/carpet that could be included as repairs? or just submit it and see what they say ? Or suck it up and see if I can find anyone to join me in the investment/ Or just tell her sorry I blew it ?

My friend did not list it with an agent, she had told a few people who might be interested but only completed docs for me to offer. One of the docs they want is a listing agreement - I don't believe it is required by law to list prior to negotiating - maybe lender preference, but more details I wish I had checked first - anyone know for sure - I am in California, of course?
**I was caught a little off-guard when they included that in the list of docs for the packet, and I wasn't certain it hadn't been listed at any time, so I didn't tell them that it wasn't listed with an agent - yet. They do know that I am a private investor.

I am overwhelmed by the contract - so many areas that don't seem to apply. And the co-borrower is out of state (reason she got behind) - so we have to overnight and email stuff for his signature. How do I create the HUD1 form - I saw the link that you provided Anita, but having trouble with the macros ? Do I need to have a Title company 'on retainer' yet - I have one that has been providing me research info on other props I have researched. The person that I contact would probably not be doing the final Title work for something like this ? This can wait until we have an accepted agreement right ?

Sorry for such a long post - my head is spinning and I know I need to keep on top of this or it will fall in the abyss. Any advice is welcome !!

Thanks DG family, I knew you would be there for me !!

__________________

In His strength and time -

d Eye-wink

I have strength for all things in Christ Who empowers ME [I am ready for anything and equal to anything through Him Who infuses inner strength into ME; I am self-sufficient in Christ's sufficiency]. Phil 4:13 AMP


Hi Dar,

Got your PM with the link to here. Congrats on all you have accomplished so far!!
I am not an expert on short sales, so the following is just me thinking aloud, based on what I have learned and what I think I would do in your situation. Hopefully some other DGers more experienced in this area will put their two cents in for you.

First, are you already working with a RE attorney? I'm wondering if it would be helpful to have someone knowledgeable in the CA RE laws to be working closely with you on this, as your first short sale. Also contacting the title company now wouldn't hurt either. I would just go ahead and ask them what role they would play in this and what paperwork they need, when. If the attorney can do basically the same thing as the title company in CA, then you could kill two birds with one stone. But I think the more info you have the better you'll feel.

Make sure you have a couple exit strategies in mind, and make sure you put in contingencies, same as any other offer I would think. And definitely, if the comps say you offered too high, make an adjustment. However this turns out, it will be an awesome learning experience, and I congratulate you for stepping out and taking action!

God bless,

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

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Short Sale

Hi Dar,

I was just at the Sacramento REIA last night and the speakers spoke on short sales. That was one of my big questions, why do we need a listing contract? I was advised that the bank wants see due diligence and that it is being marketed and not being manipulated.

I spoke with a hard money lender I know there (who also does alot of short sales), he says that in some cases he has locked up the property on one day, in the specific case he spoke to me about, $40K (alot of mold & it was in Oakpark & he already had a buyer).

Then he said the next day he had it listed by his realtor for his target sale price (perhaps $60K, he didn't give me that figure) and this gives you your necessary listing.

He also said he had a choice as to whether to list in the MLS or not (he said he did not in this case, but he said it doesn't really matter, because it would be set as a pending listing anyway).

He said he used all the interested parties generated by the listing for his buyers list down the line when the short sale went through (that's when he does a double close with flash funding or one day funding).

I hope this helps (remember I'm new at this), but this gave me some clarity last night and I hope it does for you also.

__________________

For I have given you an example, that you should do as I have done to you. Jn 13:15


Thanks for the info and encouragement!

Rina, Joe and Paul,

Thanks for the encouragement and advice. We are trying a couple of differnet tactics to try to get this moving. I will post back and let ya know how it goes - just wanted to let you know I saw the notes and really, really appreciate them !!!

If this one is meant to be - God will open the doors, if it is not, then there will be another opportunity around the corner.

Thanks again - In His strength and time - d Smiling

__________________

In His strength and time -

d Eye-wink

I have strength for all things in Christ Who empowers ME [I am ready for anything and equal to anything through Him Who infuses inner strength into ME; I am self-sufficient in Christ's sufficiency]. Phil 4:13 AMP


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